Accounting entities
The following business scenarios are independent from one another.
1. Gayle Weeden starts a business by transferring $5,000 from her personal checking account into a checking account for her business, Weeden Co
2. A business that Gary Mooler owns earns $2,300 of cash revenue.
3. Bill Marad borrows $20,000 from the National Bank and uses the money to purchase a car - from Iuka Ford.
4. Hauka Company pays its five employees $2,000 each to cover their salaries.
5. Dale Park loans his son Jim $5,000 cash.
б. Gane, Inc., paid $150,000 cash to purchase land from Nuberry, Inc.
7. Jing Chu and Don Chang form a partnership by contributing $30,000 each from their personal bank accounts to a partnership bank account.
8. Bill Beekins pays cash to purchase $2,000 of common stock that is issued by Stanga, Inc.
9. United Company pays a $42,000 cash dividend to each of its seven shareholders.
10. Malco, Inc., borrowed $5,000,000 from the National Bank.
Required
a. For each scenario create a list of all of the entities that are mentioned in the description.
b. Describe what happens to the cash account of each entity that you identified in Requirement a.
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